How to Use the Loan Calculator
- Enter the total loan amount you want to borrow.
- Type in the annual interest rate (APR) as a percentage.
- Set the loan term in years (or months).
- Read your monthly payment, total interest and total repayment instantly.
Frequently Asked Questions
How is the monthly loan payment calculated?
It uses the amortization formula M = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments.
Does a longer loan term reduce my monthly payment?
Yes. Spreading the loan over more months lowers each monthly payment, but you pay more total interest over the life of the loan.
Is this loan calculator free and private?
Completely. There is no sign-up and every calculation happens locally in your browser — none of your figures are sent to a server.
Can I use it for a car or personal loan?
Yes. It works for any fixed-rate installment loan — car loans, personal loans, student loans or home improvement loans.
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